One of the most-hyped earnings reports of the quantum industry this season ended not with a rally, but a retreat. Shares of D-Wave Quantum Inc. (NYSE: QBTS) fell by nearly 22% in the first full week of trading in November 2025, closing the week under $30 per share. The drop followed the quantum leader reporting third-quarter earnings on Nov. 6, capping off a broader slide that has now erased roughly one-third of QBTS stock value since mid-October.
This comes while D-Wave stock is still up 1,700% year-over-year (YOY). D-Wave's earnings report actually included some mighty impressive news—revenue and bookings are surging, technological advances are well underway, and the company's cash position remains strong.
